IDEAS home Printed from https://ideas.repec.org/p/ecr/col022/3682.html
   My bibliography  Save this paper

The Canadian retirement income system

Author

Listed:
  • Bustillo, Inés
  • Velloso, Helvia
  • Vézina, François

Abstract

This document was prepared by Inés Bustillo, Helvia Velloso and François Y. Vezina, consultants of the United Nations Economic Commission for Latin America and the Caribbean, ECLAC, Washington Office. Prepared as a support to the document Shaping the Future of Social Protection: Access, Financing and Solidarity" presented in the XXXI ECLAC Session Period carried out in Montevideo, Uruguay during March, 20 to 24, 2006. The views expressed in this document, which has been reproduced without formal editing, are those of the authors and do not necessarily reflect the views of the Organization. Introduction The Canadian retirement income system (RIS) is generally considered a success story. Since 1971, senior citizens have experienced a significant improvement in their relative incomes, and an impressive number of seniors has moved out of poverty. The system provides most elderly Canadians at the low-to-middle income level with the means to largely preserve their living standards in retirement. At the same time, middle -to-high income households have an incentive to save for retirement because public pension benefits remain relatively modest. The reforms that have been implemented since the late 1990s have rendered the system viable in the long-run. They include a gradual increase in contributions (to a "steady-state" level) and in the amount of earnings subject to premium payments, changes in the administration and calculation of benefits, and the creation of an investment board to invest funds not immediately needed for benefits. However, the retirement of the baby boom generation, starting at the end of this decade, raises new challenges. The old-age dependency ratio is expected to rise sharply (Chart 1), and the RIS will have to cope with these new demographic trends. Although the adjustments to the RIS and the economic recovery of the late 1990s restored the financial health of the RIS, there is still scope for additional reforms in preparation for the retirement of the baby boom generation."

Suggested Citation

  • Bustillo, Inés & Velloso, Helvia & Vézina, François, 2006. "The Canadian retirement income system," Documentos de Proyectos 3682, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    • Handle: RePEc:ecr:col022:3682
    Note: Includes bibliography
    as

    Download full text from publisher

    File URL: http://repositorio.cepal.org/handle/11362/3682
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. ,, 2003. "Problems And Solutions," Econometric Theory, Cambridge University Press, vol. 19(4), pages 691-705, August.
    2. ,, 2004. "Problems And Solutions," Econometric Theory, Cambridge University Press, vol. 20(2), pages 427-429, April.
    3. ,, 2003. "Problems And Solutions," Econometric Theory, Cambridge University Press, vol. 19(5), pages 879-883, October.
    4. Impavido, Gregorio, 2002. "On the governance of public pension fund management," Policy Research Working Paper Series 2878, The World Bank.
    5. Lars Osberg, 2001. "Poverty Among Senior Citizens: A Canadian Success Story," The State of Economics in Canada: Festschrift in Honour of David Slater, in: Patrick Grady & Andrew Sharpe (ed.),The State of Economics in Canada: Festschrift in Honour of David Slater, pages 151-181, Centre for the Study of Living Standards.
    6. ,, 2003. "Problems And Solutions," Econometric Theory, Cambridge University Press, vol. 19(6), pages 1195-1198, December.
    7. Mr. Charles Frederick Kramer & Ms. Yutong Li, 1997. "Reform of the Canada Pension Plan: Analytical Considerations," IMF Working Papers 1997/141, International Monetary Fund.
    8. ,, 2003. "Problems And Solutions," Econometric Theory, Cambridge University Press, vol. 19(1), pages 225-228, February.
    9. ,, 2004. "Problems And Solutions," Econometric Theory, Cambridge University Press, vol. 20(1), pages 223-229, February.
    10. International Monetary Fund, 2004. "Canada: Selected Issues," IMF Staff Country Reports 2004/060, International Monetary Fund.
    11. ,, 2003. "Problems And Solutions," Econometric Theory, Cambridge University Press, vol. 19(2), pages 411-413, April.
    12. Ken Battle, 2001. "Relentless Incrementalism: Deconstructing and Reconstructing Canadian Income Security Policy," The Review of Economic Performance and Social Progress, in: Andrew Sharpe, Executive Director & France St-Hilaire, Vice-President , Research & Keith Banting, Di (ed.), The Review of Economic Performance and Social Progress 2001: The Longest Decade: Canada in the 1990s, volume 1, Centre for the Study of Living Standards;The Institutute for Research on Public Policy.
    13. James E. Pesando, 2001. "The Canada Pension Plan: Looking Back at the Recent Reforms," The State of Economics in Canada: Festschrift in Honour of David Slater, in: Patrick Grady & Andrew Sharpe (ed.),The State of Economics in Canada: Festschrift in Honour of David Slater, pages 137-150, Centre for the Study of Living Standards.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Wong, Patricia J.Y., 2015. "Eigenvalues of a general class of boundary value problem with derivative-dependent nonlinearity," Applied Mathematics and Computation, Elsevier, vol. 259(C), pages 908-930.
    2. Ayele, K. & Tedla, S., 2006. "Poverty reduction through irrigation and smallholder markets (PRISM)," Conference Papers h039828, International Water Management Institute.
    3. Kathrin Berensmann & Angélique Herzberg, 2009. "Sovereign Insolvency Procedures – A Comparative Look At Selected Proposals," Journal of Economic Surveys, Wiley Blackwell, vol. 23(5), pages 856-881, December.
    4. Belov, G. & Scheithauer, G., 2006. "A branch-and-cut-and-price algorithm for one-dimensional stock cutting and two-dimensional two-stage cutting," European Journal of Operational Research, Elsevier, vol. 171(1), pages 85-106, May.
    5. José Miquel Cabeças, 2008. "Characterization of cleaners accidents in the Portuguese service sector," Enterprise and Work Innovation Studies, Universidade Nova de Lisboa, IET/CICS.NOVA-Interdisciplinary Centre on Social Sciences, Faculty of Science and Technology, vol. 4(4), pages 139-155, November.
    6. Emma Aisbett, 2007. "Why are the Critics So Convinced that Globalization is Bad for the Poor?," NBER Chapters, in: Globalization and Poverty, pages 33-86, National Bureau of Economic Research, Inc.
    7. Reinertsen, Harald & Vossen, Thomas W.M., 2010. "The one-dimensional cutting stock problem with due dates," European Journal of Operational Research, Elsevier, vol. 201(3), pages 701-711, March.
    8. Claus-Jochen Haake & Bettina Klaus, 2009. "Monotonicity and Nash implementation in matching markets with contracts," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 41(3), pages 393-410, December.
    9. Kun Wang & Zhilin Yang, 2013. "Positive Solutions for a Fourth-Order Boundary Value Problem," Journal of Mathematics, Hindawi, vol. 2013, pages 1-8, January.
    10. T. Jankowski & R. Jankowski, 2010. "Multiple Solutions of Boundary-Value Problems for Fourth-Order Differential Equations with Deviating Arguments," Journal of Optimization Theory and Applications, Springer, vol. 146(1), pages 105-115, July.
    11. Cotterill, Ronald W., 2006. "Pricing and Policy Problems in the Northeast Fluid Milk Industry," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 35(2), pages 1-12, October.
    12. Cheng, Xiyou & Dai, Guowei, 2015. "Positive solutions of sub-superlinear Sturm–Liouville problems," Applied Mathematics and Computation, Elsevier, vol. 261(C), pages 351-359.
    13. Gleb Belov & Guntram Scheithauer, 2007. "Setup and Open-Stacks Minimization in One-Dimensional Stock Cutting," INFORMS Journal on Computing, INFORMS, vol. 19(1), pages 27-35, February.
    14. Dirk Becherer, 2007. "Bounded solutions to backward SDE's with jumps for utility optimization and indifference hedging," Papers math/0702405, arXiv.org.
    15. Y. Zhang, 2007. "General Robust-Optimization Formulation for Nonlinear Programming," Journal of Optimization Theory and Applications, Springer, vol. 132(1), pages 111-124, January.
    16. Yakut, Oguz, 2021. "Implementation of hydraulically driven barrel shooting control by utilizing artificial neural networks," Mathematics and Computers in Simulation (MATCOM), Elsevier, vol. 190(C), pages 1206-1223.
    17. X. Qin & G. Huang, 2009. "An Inexact Chance-constrained Quadratic Programming Model for Stream Water Quality Management," Water Resources Management: An International Journal, Published for the European Water Resources Association (EWRA), Springer;European Water Resources Association (EWRA), vol. 23(4), pages 661-695, March.
    18. Md. Yousuf Gazi & Khandakar Tahmida Tafhim, 2019. "Investigation of Heavy-mineral Deposits Using Multispectral Satellite Imagery in the Eastern Coastal Margin of Bangladesh," Earth Sciences Malaysia (ESMY), Zibeline International Publishing, vol. 3(2), pages 16-22, October.
    19. Minghe Sun, 2005. "Warm-Start Routines for Solving Augmented Weighted Tchebycheff Network Programs in Multiple-Objective Network Programming," INFORMS Journal on Computing, INFORMS, vol. 17(4), pages 422-437, November.
    20. François Clautiaux & Cláudio Alves & José Valério de Carvalho & Jürgen Rietz, 2011. "New Stabilization Procedures for the Cutting Stock Problem," INFORMS Journal on Computing, INFORMS, vol. 23(4), pages 530-545, November.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ecr:col022:3682. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Biblioteca CEPAL (email available below). General contact details of provider: https://edirc.repec.org/data/eclaccl.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.